German Government has sold all of its Bitcoin Holdings

Bitcoin price was continuously down below $60k since three weeks. This was due to the German government selling its Bitcoin Holdings around 50k. Besides this rumors say that Mt. Gox is the second player causing Bitcoin price to trade below $60k.

Bitcoin price was dropped to as low as $53500 in a combined pressure from the above mentioned companies. Since the Bitcoin selling started from them it didnt cross $60k.

According to Arkham intelligence German government has sold all of its Bitcoin. The last batch of sell was around 3846 Bitcoin. Now German govt has no more Bitcoin left in its holdings. As of now Bitcoin price is trading at $58700. While Ethereum is trading above $3150.

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The Bitcoin selling pressure not only caused to tank its price but also caused dump in rest of the market. Altcoins were effected badly by these sellings causing decrease of more than 30% in the prices.

The dump in Bitcoin price was so unexpected that it caused liquidations worth millions of dollars. Not only long positions got liquidated but also a significant short positions were liquidated because of quick price move in between $54k to $59k.

The market was so unpredictable the last few weeks that it liquidated big whales. Whales individually lost millions of dollars during the crash.

As German Govt has no more Bitcoin left for selling now we can expect an upward movement from the Bitcoin. And we know that when Bitcoin price increases then altcoins do recover very well.

When bitcoin price dropped to $53k people were scared. Some people were so much scard that they sold their holdings because their influencers were saying that bitcoin is going to $20k now.

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Only those people sell Bitcoin who lack knowledge about it. Bitcoin is the rarest asset in the world. The fixed supply of Bitcoin represents its importance. Before selling bitcoin remember that it has a fixed supply of 21 million. There will never be more of it.

No one can print more Bitcoin. Another thing which is important to note is that from 21 million there are a lot of bitcoins who already lost. People keeping them have lost keys to the wallets. This indicates that we have now less than 21 million bitcoin which makes it more valuable.

To those people who think that Bitcoin will drop to $20k or below it , its never going to happen. Bitcoin can dip more from current price but i dont think that it can fall that low. Bitcoin is getting stronger with each day passing. People are starting to realize how Bitcoin is changing world.

Institutions are adopting bitcoin because they know that bitcoin is the future if finance. We have new companies each day accepting bitcoin. The crypto adoption is happening fast which is good for the crypto world. The future is bright just keep holding your crypto bags.

Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.

Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.

About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.

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